After receiving his doctor of osteopathic medicine degree from the Philadelphia College of Osteopathic Medicine, Balaban completed a residency in internal medicine at Allegheny General Hospital in Pittsburgh and a fellowship in hematology/medical oncology at the University of Texas Southwestern Medical Center in Dallas, where he then became a clinical instructor in 1984. He was promoted to associate professor before leaving the University of Texas after 10 years to join Geisinger Medical Group in State College in 1994. Balaban was with Geisinger for two years. In 1996, he became a member and then faculty at the UPMC Cancer Center Network.

Balaban has served in prominent leadership roles in professional groups. He is a fellow of the American Society of Clinical Oncology (Statesman Award, 2010; Clinical Practice Committee and Clinical Practice Guidelines Committee member), current board member of the Pennsylvania Society of Hematology and Oncology (president, 2007-09; President Service Recognition Award, 2010) and fellow of the American College of Physicians. He also currently represents the American Society of Clinical Oncology as their delegate to the AMA House of Delegates.

He has published nearly 50 peer-reviewed articles and abstracts and three book chapters. Balaban served on the editorial board for the Journal of Clinical Oncology from 2004-10 and is currently on the editorial board for the Journal of Oncology Practice.

Balaban succeeds Dr. Witold Rybka, who served as interim Medical Director of Cancer Care Partnership since its formation in July 2013.